政府投融资观察双周报第23期：地方用于化债的债券发行加速

Group 1: Financing Overview - The net issuance of bonds by the broad fiscal sector increased to CNY 8,881 billion in the past two weeks, a decrease of CNY 414 billion year-on-year but an increase of CNY 5,805 billion month-on-month[2] - Year-to-date, the net issuance of bonds by the broad fiscal sector is approximately CNY 10.25 trillion, down CNY 1.36 trillion year-on-year[2] - Local government special bonds net issuance reached CNY 2,638 billion in the past two weeks, with a year-on-year increase of CNY 620 billion[11] Group 2: Debt Issuance and Costs - The issuance rate of urban investment bonds decreased slightly to 2.6%, down approximately 220 basis points since June 2023[44] - The net issuance of policy bank bonds was CNY 965 billion in the past two weeks, with a year-on-year increase of CNY 1,095 billion[27] - The total liabilities of urban investment platforms are expected to grow at a rate of 5.3% in 2024, while total assets are projected to grow at 4%[44] Group 3: Infrastructure Investment Indicators - The national budgeted infrastructure expenditure increased significantly, with a year-on-year growth rate rising from 3.4% in September to 37.5% in October[4] - The logistics index for national road freight volume turned negative, with a year-on-year decline of -0.9% and a month-on-month decrease of -4.0%[51] - The operating rate of asphalt plants and electrolytic copper rod production increased, indicating a mixed trend in infrastructure activity[4]